Nigerian gov’t says Crude-for-naira sales commenced in October --[Reported by Umva mag]

The Nigerian Federal Government says it has commenced sales of crude oil and other refined products in local currency, the Naira.

Nigeria’s Ministry of Finance said in a post on its X handle on Saturday that the initiative commenced on October 1, 2024 without providing further details on the contractual agreement signed and pricing of the product.

“The Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council directive, the sale of crude oil and refined petroleum products in naira has officially commenced as of October 1, 2024.

“Following a meeting of the Implementation Committee chaired by the Minister of Finance on October 3, 2024, to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed by key stakeholders,” the statement said.

It will be recalled that last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced that the Federal Executive Council under the leadership of President Bola Tinubu has approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira.

“From October 1, NNPCL will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote Refinery to be paid for in naira,” the committee had declared.

GIK/APA

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